Exiting Blue Green TS by stopping payments

[Melvin's rule]

Has anyone stopped payments on a Blue Green TS that has not been paid off? What happened? We are current on mortgage and maintenance fees but cannot afford it as we are not using it and my father in law had 2 strokes and had to move in with us along with his bills that we have to take care of now. Have reached out to BG and was told sorry to hear about your situation but they won't do anything to help with this burden.

 

[Passepartout]

First, the mortgage, and the MF are two different things. Likely the mortgage is with a finance company, and the MF is with BG. If/when you default (stop paying) you will get late notices from both. With extra fees. You won't be able to make a reservation. No one will buy a TS with a mortgage.
You can stop the calls by demanding that all further correspondence be via USPS.
At some point- maybe months, maybe years- they will foreclose. Your credit score will drop. This will stay on your credit report for 7-10 years, and will affect credit card, home and car payments and insurance premiums. Depending on where you live and how much you owe, you may be sued.
If possible, pay off the TS mortgage at least. Get a 2nd job, work more hours, ask 'Dad'. This will stop or delay the worst. MF will just result in not being able to vacation, but that might not be a priority now.

Good Luck!

Jim

 

[TUGBrian]

would urge you to continue to reach out to bluegreen in an effort to reach some sort of settlement agreement due to your hardship case.

its not easy, and they will hope you will take no for an answer, but outside of either paying it off or defaulting its your only viable option!

 

[child_of_scammed]

First, the mortgage, and the MF are two different things. Likely the mortgage is with a finance company, and the MF is with BG. If/when you default (stop paying) you will get late notices from both. With extra fees. You won't be able to make a reservation. No one will buy a TS with a mortgage.
You can stop the calls by demanding that all further correspondence be via USPS.
At some point- maybe months, maybe years- they will foreclose. Your credit score will drop. This will stay on your credit report for 7-10 years, and will affect credit card, home and car payments and insurance premiums. Depending on where you live and how much you owe, you may be sued.
If possible, pay off the TS mortgage at least. Get a 2nd job, work more hours, ask 'Dad'. This will stop or delay the worst. MF will just result in not being able to vacation, but that might not be a priority now.

Good Luck!

Jim

So if someone has no mortgage, can they just stop paying the maintenance fees and ignore the letters/calls?

 

[Passepartout]

So if someone has no mortgage, can they just stop paying the maintenance fees and ignore the letters/calls?

As of when a TUG member was tracking such stuff, we never heard back from anyone whose credit was damaged by defaulting on maintenance fees. That's been a couple of years since that has been actively tracked.

We just can't know each resort HOA and their posture on collections. Default at your own risk.

Jim